Biden’s Reelection Campaign Joins TikTok in Push for Young Voters 

The icon for the video sharing TikTok app is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. (AP)
The icon for the video sharing TikTok app is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. (AP)
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Biden’s Reelection Campaign Joins TikTok in Push for Young Voters 

The icon for the video sharing TikTok app is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. (AP)
The icon for the video sharing TikTok app is seen on a smartphone, Tuesday, Feb. 28, 2023, in Marple Township, Pa. (AP)

US President Joe Biden's reelection campaign joined short-form video app TikTok on Sunday, using the NFL's Super Bowl to kick off its new account to reach young voters ahead of the presidential election in November.

The campaign's launch on TikTok is notable given that the app, which is owned by Chinese tech giant ByteDance, is under review in the US for potential national security concerns. Some US lawmakers have long called for the app to be banned over concerns that the Chinese government could access user data or influence what people see on the app.

Last year, the Biden administration ordered government agencies to remove TikTok from federal government-owned phones and devices.

TikTok has maintained that it would not share US user data with the Chinese government and has taken substantial measures to protect the privacy of its users.

The company did not immediately respond to a request for comment on Sunday.

Biden campaign advisors said in a statement it would "continue meeting voters where they are," including on other social media apps like Meta Platform's Instagram and Truth Social, which is owned by former US President Donald Trump.

The campaign is taking "advanced safety precautions" for its devices and its presence on TikTok was separate from the app's ongoing security review, a campaign official added.

Trump, the Republican frontrunner in the presidential race, does not have an official account on TikTok.

The video posted by the Biden-Harris HQ TikTok account made light of a fringe conservative conspiracy theory that the Super Bowl was rigged in favor of the Chiefs, in order for pop superstar Taylor Swift, who is dating Chiefs tight end Travis Kelce, to announce an endorsement of Biden.

Amid rapid-fire questions asking the president to choose from one of two options, Biden was asked if he was "deviously plotting to rig the season so the Chiefs would win the Super Bowl" or whether the Chiefs were simply just a good football team.

"I'd get in trouble if I told you," Biden joked.

By Sunday night, the account had gained 10,900 followers.



Pinterest Plunges as Gloomy Forecast Dampens Revenue Rebound Hopes

Image sharing company Pinterest Inc beat Wall Street estimates for second-quarter revenue. (AFP)
Image sharing company Pinterest Inc beat Wall Street estimates for second-quarter revenue. (AFP)
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Pinterest Plunges as Gloomy Forecast Dampens Revenue Rebound Hopes

Image sharing company Pinterest Inc beat Wall Street estimates for second-quarter revenue. (AFP)
Image sharing company Pinterest Inc beat Wall Street estimates for second-quarter revenue. (AFP)

Pinterest shares tumbled more than 12% premarket on Wednesday after a muted third-quarter outlook dashed Wall Street's expectations for a stabilization in its revenues amid a rebound in the digital ad market.

The photo-sharing platform on Tuesday projected current-quarter revenue below analysts' estimates, as it struggles to keep up with the competition from bigger rivals including Meta's Instagram and Facebook and Alphabet .

The digital advertising market is bouncing back from a slump seen in 2022 and early 2023, but pockets of weakness remain and are eating into business at Pinterest, Reuters reported.

San Francisco, California-based Pinterest flagged material weakness in demand from advertisers in the consumer goods space, particularly food and beverage companies, which offset strength in ad spend in the technology and financial services sectors.

"The optics of a lighter (third quarter) guide will not help recently growing ad fears, and some will be concerned that food & beverage pressure — which has been isolated — could spread to other verticals with a potentially softer consumer," J.P. Morgan analyst Doug Anmuth said in a note.

Pinterest's outlook could also spell trouble for other smaller ad players such as SnapChat owner Snap and ad tech firm Trade Desk, analysts said, noting 18% of the gross spend at Trade Desk last year came from food and beverage firms.

Shares of Snap dipped more than 2% premarket on Wednesday, with Trade Desk down 1.5%. Pinterest is set to lose about $2.8 billion in market value, if losses hold.

Pinterest could take yet another hit from the lack of political ads on its platform, unlike Meta and Alphabet which are set to benefit from political advertising in the run-up to the U.S. elections.

"Pinterest... gets no benefit from momentum others will get starting end of August/early September," RBC analysts said, noting that could be a "few hundred" basis points of a headwind for Pinterest.

At least 11 brokerages cut their price targets on Pinterest.